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Sep. 29, 2022

Dollar/Yen currency pair adds 44 pips or 0.31%

Live - Updated 8 minutes ago.

Dollar/Yen trades at 144.55 after gaining 44 pips (0.31%).

This move comes while some more positive signs for Dollar/Yen are out as highly important Crude Oil Inventories data from United States beat analyst expectations of 443,000 with a reading of -215,000.

On the flip side, highly important Initial Jobless Claims data from United States beat analyst expectations of 215,000 with a reading of 193,000. New GDP data from United States matched market expectations with a reading of -0.6 — a positive step in contrast to previous data of -1.6 from last month.

Although up today, early price action saw USD/JPY dropping below its 3 day Simple Moving Average at 144.24 — an early indicator that a new downward trend could be emerging. Bollinger band analysis indicates that current price action is approaching the upper band at 145.72, thereby suggesting that Dollar/Yen is becoming overvalued.

Overall, looking at the technical analysis landscape, it seems Dollar/Yen is likely to reverse course and start pointing down in the short term.

A look at other currencies also shows bullish price action as GBP/NZD is up 1.86% to 1.9339. GBP/CAD shoots up 1.75% to trade around 1.5081. EUR/CAD leaps up 1.03% to trade around 1.3389.

Furthermore, the market is looking at today at 23:50 UTC data for Japan Industrial Production will be released, with an expected decline to 0.2% from the preceding figure of 0.8%. Japan Retail Sales is projected to outperform its last figure with 2.8%. It previously stood at 2.4%; data will be released today at 23:50 UTC. Japan Jobs/applications ratio (Aug) is scheduled for today at 23:30 UTC.

Dollar/Yen has appreciated 16.39% over the past six months.

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Week to date

Dollar/Yen increases slightly to 144.55 (a 0% gain) after closing the previous session at zero .

Trading week at a glance - USD/JPY is up to 144.55, after closing yesterday at zero. Overall, a 0% move or 14,455 pips this week. (Trade Dollar/Yen with FXTM now).

This move comes while some more positive signs for Dollar/Yen are out as United States Crude Oil Inventories published yesterday at 14:30 UTC came out at -215,000, falling short of the 443,000 projections and continuing its decline from the previous 1.14 million figure. Following a previous reading of -0.6%, Pending Home Sales in United States released yesterday at 14:00 UTC fell short of the -1.4% figure expected by analysts with an actual reading of -2%.

Nevertheless, data for United States Initial Jobless Claims published today at 12:30 UTC came out at 193,000, beating projections of 215,000 and showing improvement over the preceding figure of 209,000. New GDP data from United States matched market expectations with a reading of -0.6 -- a positive step in contrast to previous data of -1.6 from last month.

Meanwhile, United States New Home Sales (Aug) came out at 685,000, while a consensus of analysts was expecting 500,000.

Also worthy of note, Japan Tankan Large Manufacturers Index (Q3) will be released Sunday. Japan Tankan Large Non-Manufacturers Index (Q3) is scheduled for Sunday. Japan Retail Sales is projected to outperform its last figure with 2.8%. It previously stood at 2.4%; data will be released today at 23:50 UTC.